N
orfolk County Register of Deeds William P. O'Donnell reported a surge in real estate activity for December 2024, with a 10% increase in overall recordings compared to the same month last year. The Registry recorded 8,798 documents in December, a 6% rise from November and 10% more than in December 2023.
Deeds recorded in December totaled 1,372, up 10% from the previous year and 3% from November. Commercial and residential property sales reached 672, a 6% increase over last year's December numbers. The average sale price of properties rose to $1,762,032, a 102% jump from December 2023, although this was skewed by Moderna's purchase of two Norwood properties for nearly $370 million.
Without these purchases, the average sale price would be $1,212,271, up 39% from last year. The total dollar volume of sales increased by 114% from last year and 86% from November. O'Donnell noted that Norfolk County's desirability makes it a challenging market for buyers, particularly first-time homebuyers due to limited inventory.
Mortgage activity also saw an increase in December, with 1,355 mortgages recorded, up 21% from the same month last year but down 1% from November. O'Donnell attributed this to lower interest rates and an increase in property sales. The Registry has been monitoring foreclosures, with six foreclosure deeds recorded in December, matching last year's numbers.
However, notices to foreclose increased to 33, up from 26 in December 2023. O'Donnell urged those struggling with mortgage payments to contact non-profit organizations for assistance. The Norfolk County Registry of Deeds has partnered with Quincy Community Action Programs and NeighborWorks Housing Solutions to provide support.
O'Donnell concluded that the significant increase in recorded documents in December closes out the Norfolk County real estate market on a positive note, with strong growth and demand in area communities. He noted that inventory levels and mortgage interest rates will continue to influence the market's direction in the coming months.
